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Solvay's Profits and Sales Rise on Higher Volumes and Prices

11:18 AM MDT | May 9, 2011 | Ian Young

Solvay posted a huge rise in first-quarter 2011 net profits from continuing operations to €98 million from €12 million in the same period of 2010. Sales increased 23%, to €1.7 billion. Recurring Ebit (Rebit) soared 79%, to €197 million, beating analysts' estimates of €145 million-€155 million. The first-quarter Rebit figure was also 37% higher than in the fourth quarter of 2010. Stronger operating profits reflect higher volumes and sales prices in Solvay's chemicals business, which compensated for higher energy costs, and higher...

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